First Bank of the Lake: SBA business acquisition lending record
First Bank of the Lake (home state MO) approved 210 SBA 7(a) loans to buy existing businesses since FY2018, totaling $345M. The median loan was $1,085,750. It ranks number 43 of 280 lenders by count and made 0.4% of all SBA acquisition loans nationally.
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What this tells a borrower
- Deal size it funds. Half of its acquisition loans fell between $415,100 and $2,588,625. If your deal sits well outside that band, this lender may be less practiced at it.
- Geographic reach. California is the largest state (20% of loans). Loans appear in at least 15 states, which points to a national lender.
- Industry concentration. Insurance Agencies and Brokerages is 5% of its acquisition loans. The mix is spread across several industries.
- Overall 7(a) volume. 2,241 SBA 7(a) loans of any purpose since FY2020, totaling $1.9B. 79% of its acquisition loans were processed under the Preferred Lenders Program.
- Franchise share. 18% of its acquisition loans involved a franchise brand, against 18% for all lenders.
- Seasoned performance. Of its loans from FY2019 to FY2021: 4.1% charged off, 16% higher than the 3.5% national average.
First Bank of the Lake acquisition loans by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 0 | $0 | - | |
| FY2019 | 2 | $1M | $517,000 | |
| FY2020 | 14 | $36.1M | $2,407,000 | |
| FY2021 | 33 | $62.2M | $1,450,000 | |
| FY2022 | 54 | $112M | $1,524,250 | |
| FY2023 | 33 | $26.5M | $360,000 | |
| FY2024 | 20 | $23.6M | $573,250 | |
| FY2025 | 32 | $40M | $647,700 | |
| FY2026 | 22 | $43.2M | $1,307,700 |
How often do these acquisition loans fail?
Of the 49 First Bank of the Lake acquisition loans approved from FY2019 to FY2021 (the seasoned cohort, every loan at least about five years old), 2 have been charged off by the SBA, a rate of 4.1% by loan count and 1.0% by dollars. 28 have already been paid in full.
For comparison, the charge-off rate across all SBA 7(a) acquisition loans in the FY2018 to FY2021 cohort is 3.5%, so First Bank of the Lake is 16% higher than the acquisition-loan average. Non-acquisition 7(a) loans (every other stated purpose) approved FY2018 to FY2021 charged off at 6.2%.
"Charged off" is the SBA's final loss action on a defaulted loan after collection efforts. It lags default by a year or more, which is why only older cohorts are measured. It is not the same as a delinquency rate, and loans still outstanding can still fail. See charge-off in the glossary.
The purchase agreement decides what you bought, not the loan approval.
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States served
| # | State | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | California | 41 | 19.5% | $59.3M | |
| 2 | Florida | 29 | 13.8% | $46.7M | |
| 3 | Texas | 22 | 10.5% | $33.7M | |
| 4 | North Carolina | 10 | 4.8% | $22.4M | |
| 5 | Colorado | 10 | 4.8% | $12.4M | |
| 6 | Indiana | 7 | 3.3% | $11M | |
| 7 | Georgia | 7 | 3.3% | $8.7M | |
| 8 | Maryland | 6 | 2.9% | $11.4M | |
| 9 | New Jersey | 6 | 2.9% | $9.7M | |
| 10 | Minnesota | 6 | 2.9% | $8.6M | |
| 11 | Pennsylvania | 5 | 2.4% | $12.4M | |
| 12 | Missouri | 5 | 2.4% | $10.1M | |
| 13 | Massachusetts | 5 | 2.4% | $10M | |
| 14 | Arizona | 5 | 2.4% | $9.2M | |
| 15 | Montana | 5 | 2.4% | $7.9M |
Industries financed
| # | Industry | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Insurance Agencies and Brokerages | 11 | 5.2% | $14.4M | |
| 2 | Electrical Contractors and Other Wiring Installation Contractors | 9 | 4.3% | $17.8M | |
| 3 | Administrative Management and General Management Consulting Services | 7 | 3.3% | $15.4M | |
| 4 | Plumbing, Heating, and Air-Conditioning Contractors | 6 | 2.9% | $17.3M | |
| 5 | Roofing Contractors | 6 | 2.9% | $14.2M | |
| 6 | Full-Service Restaurants | 6 | 2.9% | $13.4M | |
| 7 | All Other Specialty Trade Contractors | 6 | 2.9% | $10.6M | |
| 8 | Window Treatment Retailers | 6 | 2.9% | $2.6M | |
| 9 | Landscaping Services | 4 | 1.9% | $10.8M | |
| 10 | Snack and Nonalcoholic Beverage Bars | 4 | 1.9% | $9.5M |
Terms signed in the LOI shape the purchase agreement that follows.
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Franchise brands financed
| # | Franchise | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Budget Blinds | 9 | 4.3% | $4.5M | |
| 2 | Crumbl | 2 | 1.0% | $8M | |
| 3 | Round Table Pizza | 2 | 1.0% | $3.1M | |
| 4 | CertaPro Painters | 2 | 1.0% | $525K | |
| 5 | Golden Corral | 1 | 0.5% | $4M | |
| 6 | Primrose Schools | 1 | 0.5% | $2.9M | |
| 7 | Closet Factory | 1 | 0.5% | $2.8M | |
| 8 | ServiceMaster | 1 | 0.5% | $2.4M | |
| 9 | FASTSIGNS | 1 | 0.5% | $1.6M | |
| 10 | ComForCare Home Care | 1 | 0.5% | $732K |
Questions buyers ask
Does First Bank of the Lake make SBA acquisition loans?
Yes. First Bank of the Lake approved 210 SBA 7(a) loans to buy existing businesses from FY2018 to FY2026, ranking number 43 of 280 lenders with 25 or more such loans. The SBA file shows past approvals only; it cannot tell you whether the lender will approve a particular buyer or deal.
How large are First Bank of the Lake's acquisition loans?
The median was $1,085,750, with the middle half between $415,100 and $2,588,625. The national median is $645,250, so this lender's typical loan is 68% higher than the national figure.
Which states does First Bank of the Lake lend in?
California (41), Florida (29), Texas (22), North Carolina (10), Colorado (10), Indiana (7). Its loans span at least 15 states.
Which industries does First Bank of the Lake finance?
Insurance Agencies and Brokerages (11), Electrical Contractors and Other Wiring Installation Contractors (9), Administrative Management and General Management Consulting Services (7), Plumbing, Heating, and Air-Conditioning Contractors (6), Roofing Contractors (6). The top industry is 5% of its acquisition loans.
How have First Bank of the Lake's acquisition loans performed?
Of 49 loans approved FY2019 to FY2021: 4.1% charged off, 16% higher than the 3.5% national acquisition average. Charge-offs reflect the borrowers and industries a lender serves as well as its underwriting.
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Related
- California acquisitions
- Florida acquisitions
- Texas acquisitions
- Insurance Agencies and Brokerages
- Electrical Contractors and Other Wiring Installation Contractors
- Administrative Management and General Management Consulting Services
- All lenders
Figures are aggregates of public SBA data. This page is not provided or endorsed by First Bank of the Lake.